Canada Child Benefit Calculator.

[amira84]

Hi everyone,

I file our income taxes every year and since hubby's pay increases every yesr, I see that our child benefit payments go down starting from every July.
But this time I am not sure if I am doing everything right or wrong. I went to CRA website and used their calculator to see my monthly child benefit payment. According to this calculator, our payments are going up starting from this July. How is this possible? Am I doing something wrong here? Can someone tell me what's happening. Not that I would complain if I get more money! More money = more saving or more shopping. But still...I want to know the truth. Should I get happy or stay the same?

[Mia001]

i don't really know but, didn't they raised the ctb for 2016 ? so that might be a reason why ....

i can check with one of my brothers who still receive ctb for his kid ( only one )

[Angela273]

It is because the Liberals have completely changed it. Here is a link to an article that should somewhat explain it.
http://www.cbc.ca/beta/news/politics...dget-1.3502988

For other people who want to look, here is the calculator.
http://www.budget.gc.ca/2016/tool-outil/ccb-ace-en.html

[amira84]

okay. thanks a lot. when is July 20th? its taking too long to come. I cant wait for July 20th.

[jasperandchar]

We will be getting more as well (13 & 15) happy dance

[amira84]

AND its tax free! We wont have to get worried for our next year's tax season.

[Mia001]

this is what my brother said, new amount in july and tax free....

[momof5boys]

I read an article recently (can't find it back) that the government probably will be scaling the child benefit back starting next year so it looks like the gravy train won't last forever.

...just found the article - read it today on CBC...here is a quote from it:
"First of all, the new data shows that funding for a package of new programs that made big news on budget day — including the new middle-class tax break and child benefit — will decline drastically after fiscal 2017-18.

In fact, by fiscal 2020-21, it drops from $3.6 billion to $900 million — a drop of nearly 75 per cent."

[Frugalbigmama]

And doesn't this replace the tax credits we were getting. So we aren't really getting anything more. It just looks that way.

[amira84]

I read an article recently (can't find it back) that the government probably will be scaling the child benefit back starting next year so it looks like the gravy train won't last forever.

...just found the article - read it today on CBC...here is a quote from it:
"First of all, the new data shows that funding for a package of new programs that made big news on budget day — including the new middle-class tax break and child benefit — will decline drastically after fiscal 2017-18.

In fact, by fiscal 2020-21, it drops from $3.6 billion to $900 million — a drop of nearly 75 per cent."

I wish there was an "unlike" button on SC. Not that i want to give your post an "unlike" status, i just dont like what i read here about $3.6 billion funding going down to $300 million.

And does anyone have a link to the article where it tells us what type of tax credits govt is taking back. I want to read all about it. Feeling butterflies+knots in my stomach right now!

[Frugalbigmama]

And didn't they ditch the fitness credit as well?

[amira84]

And didn't they ditch the fitness credit as well?

Frugalmama, my kids havent started any fitness program yet so i dont know how this fitness credit was working. I may sound ignorant in my next comment so please tell me if i am right or not.
I thought that fitnes credit worked like this: pay your kids physical activity sports fee and claim this money in your tax return to get a portion of tax on the money you paid. Am i right or wrong?

Since i always saw it as getting a little bit of tax back on what we actual paid, i think its better than mire money is coming in our pocket every month. If we are getting $100 more every month but we were getting back only $500 in fitnes tax credit, i think this new program is better than the previous one.

What do you think? Did i understand it right or not?

[momof5boys]

I, for one, am beyond upset with some of the changes. They took away the education and text book credits for university students but upped the grant money student don't have to pay back. So, if you can prove that you don't have much money and your parents can't help you, then you can get a student loan with a grant attached.

We have always taught our boys you work hard when you are young and save hard for university or whatever - not spend it all. Our youngest is still in university. He is basically being punished for working hard and saving hard. No grants for him, even though we are low income. And, to top it all off, the education and textbook credits are being taken away so less credits when he does his income tax return.

[momof5boys]

http://www.cbc.ca/news/politics/pbo-...ysis-1.3531050

[Frugalbigmama]

Frugalmama, my kids havent started any fitness program yet so i dont know how this fitness credit was working. I may sound ignorant in my next comment so please tell me if i am right or not.
I thought that fitnes credit worked like this: pay your kids physical activity sports fee and claim this money in your tax return to get a portion of tax on the money you paid. Am i right or wrong?

Since i always saw it as getting a little bit of tax back on what we actual paid, i think its better than mire money is coming in our pocket every month. If we are getting $100 more every month but we were getting back only $500 in fitnes tax credit, i think this new program is better than the previous one.

What do you think? Did i understand it right or not?

Yes it was a credit and really didn't amount to much. But I don't believe anyone is really getting extra money. Each month it may feel like it for some but I think these are the same people relying on a big tax refund come tax time too.